Since August 3, 2026, a condo purchase in Stamford financed with a Fannie Mae loan can no longer go through the Limited Review pathway. Fannie Mae retired its Limited Review process. Established condo projects now go through Full Review, or through a Waiver of Project Review when the building qualifies. One month later, in September 2026, pending condo and townhouse sales in the Stamford Board of REALTORS® service area were down 23.9% from a year earlier. Pending single-family sales were up 29.7%.
The September medians look almost identical. According to the SmartMLS monthly indicators for the Stamford Board of REALTORS®, current as of October 8, 2026, the single-family median sale price fell 8.4% to $1,057,500. The townhouse and condo median fell 8.6% to $425,000. Two segments posted nearly the same decline, but for very different reasons.
One Median Fell Because of Which Homes Sold
Only 46 single-family homes closed in the service area in September 2026. With a sample that small, a handful of lower-priced sales can pull the median down. The other single-family numbers that month point in the opposite direction. The average sale price rose 5.5% to $1,317,435. Sellers received 104.5% of list price, up from 103.2% in September 2025. Pending sales rose to 48 from 37. Year to date through September, the single-family median sat at an even $1,000,000, up 2.6% from the same period in 2025.
The condo segment shows no such offset. Apart from the sale-to-list ratio, which held flat, every major measure weakened.
| September, year over year | Single-family | Townhouse/condo |
|---|---|---|
| New listings | 67 → 70 | 61 → 82 |
| Pending sales | 37 → 48 | 46 → 35 |
| Closed sales | 49 → 46 | 53 → 35 |
| Median sale price | $1,155,000 → $1,057,500 | $465,000 → $425,000 |
| Average sale price | $1,249,331 → $1,317,435 | $517,668 → $457,762 |
| Days to accepted offer | 26 → 42 | 26 → 50 |
| Percent of list received | 103.2% → 104.5% | 101.8% → 101.8% |
| Homes for sale | 111 → 126 | 98 → 146 |
| Months of supply | 2.1 → 2.6 | 2.1 → 3.3 |
The report measures days on market as the time from listing to an accepted offer. By that measure, a typical condo in September 2026 took nearly twice as long to reach a contract as it had a year earlier. The condo average price fell 11.6%, a bigger drop than the median. Inventory rose 49%. The condo slide was also sudden. Year to date through September, condo closings were down only 2.7% and the condo median was up 2.9% to $450,000. The condo market had held up through most of 2026 and then fell behind single-family in September.
The financing backdrop moved at the same time. The same SmartMLS report notes that the Federal Reserve raised its benchmark rate by a quarter point on September 16, and that the 30-year fixed mortgage rate moved above 7% in late September, according to Freddie Mac. Higher rates affect every buyer. A condo buyer also has a building to clear with the lender.
A Condo Loan Now Reviews the Building's Finances
A single-family loan looks at the house and the borrower. A condo loan also looks at the association: its budget, its reserves, its insurance and its physical condition. In March 2026, Fannie Mae's Lender Letter LL-2026-03 explained why it was tightening that review. It said it had seen a correlation between condo projects with underfunded reserves and projects needing critical repairs, and that unit owners in those buildings can face "unexpected special assessments or higher regular assessments or dues."
Three changes in that letter matter for a Stamford condo deal this fall:
- Limited Review is gone. Lenders had to stop using it for applications dated on or after August 3, 2026. Established projects now go through Full Review, or through a Waiver of Project Review where it applies. The waiver now covers projects with ten or fewer units. Projects with five to ten units qualify only if they are not part of a master association or larger development.
- Reserve studies count only at their highest recommendation. When a lender uses a reserve study to show a building has adequate reserves, the association's budget must include the study's highest recommended reserve amount. The lower "baseline funding" method is no longer allowed, also effective for applications dated on or after August 3, 2026.
- The reserve minimum rises in January. Under Full Review, the required replacement reserve allocation rises from 10% to 15% of the annual budgeted assessment income. That rule applies to loan applications dated on or after January 4, 2027, so it is not yet in force. A buyer whose loan application is dated January 4 or later, in a building that budgets between 10% and 15% for reserves, would fall under the new threshold.
Fannie Mae's Selling Guide adds one more check. A lender doesn't have to order an inspection, but it must review any structural or mechanical inspection completed in the prior three years. If the lender can't establish that the project is free of critical repairs, the loan can't be sold to Fannie Mae. Fannie Mae's condo project guidance lists inadequate insurance and critical repairs among the common reasons a project is ineligible. Loans in those projects stay ineligible until the issue is resolved.
Connecticut Added Two Documents to the Seller's Disclosure on October 1
The state moved in the same direction this fall. According to the Connecticut General Assembly's Office of Legislative Research summary of 2026 housing laws, Public Act 26-31 adds a special statement to the residential condition report a seller gives a buyer. In a community with more than 12 units, it advises the buyer to ask for a resale certificate and a reserve fund report. In smaller communities, it advises the buyer to consult certain professionals and other unit residents about possible ownership issues. That provision took effect October 1, 2026.
The same act lets unit owners holding at least 20% of the total voting ownership petition Superior Court for an independent third-party audit of certain association financial records. Requests are limited to once every 12 months, and the petitioning owners pay the audit costs. A separate 2026 law removed the requirement that a condominium master policy include terrorism coverage.
Fannie Mae and Connecticut now direct a condo buyer to the same documents: the reserve report, the budget behind it and the association's condition records. A building with healthy reserves and recent inspections can pass a lender's review more easily. A building that can't produce those records may fit fewer kinds of financing. These rules also mean two units at the same price in the same neighborhood can be very different purchases.
Every New Apartment Building Is Another Option for Condo Shoppers
A condo shopper in Stamford is also comparing against new rental buildings. In the South End, 18 Dock opened in September 2025 as a 20-story, 395-unit building. Hartford Business Journal reported 75 units occupied two weeks into leasing, with rents from $2,396 for a studio to $6,800 for a three-bedroom.
More apartments are on the way. The Stamford Advocate's January 2026 development roundup reported construction moving forward on 471 apartments at 100 Clinton Avenue and underway on 280 apartments at 74 Broad Street downtown. On the north end, it reported 354 apartments under construction at 800 Long Ridge Road and 463 units planned at 900 Long Ridge Road. At Harbor Point, The Real Deal reported in June 2026 that 1 Harbor Point, a 239-unit complex built in 2015, was 96% occupied while its owner was in contract to sell.
The pipeline keeps growing. On November 1, the Stamford Advocate reported a proposal to convert 780 Summer Street into 85 apartments, 78 studios and seven one-bedrooms, aimed at renters looking for an alternative to larger luxury buildings. The proposal was scheduled for zoning-board review on November 9. Smaller rental units of that kind would compete most directly with the studio and one-bedroom condos at the entry level of the market.
Single-Family Buyers and Condo Buyers Are Negotiating Different Things
The September 2026 numbers describe two different negotiations. Single-family sellers were still getting 104.5% of list price with 2.6 months of supply. On average, homes still sold above asking, even as the time to contract stretched to 42 days. Condo sellers received 101.8% of list on average, with 3.3 months of supply and 146 units for sale. Condo buyers have more choice and more time. Because of the new rules, much of that time goes into reviewing the association's finances and condition.
For condo sellers, having the reserve fund report and resale certificate ready on day one answers questions that both the state disclosure and the lender's review now raise. For single-family buyers, a single month's median dip doesn't mean prices have softened. Sale-to-list ratios and pending sales are better guides, and in September 2026 both showed competition.
These figures cover the Stamford Board of REALTORS® service area and group townhouses with condos. Results within any single building or street can differ.
Frequently Asked Questions
Did Stamford home prices fall 8% this fall? The September 2026 medians fell 8.4% for single-family homes and 8.6% for condos and townhouses in the Stamford Board of REALTORS® service area. The single-family average price rose 5.5% in the same month, and the year-to-date median through September was up 2.6%.
Does the January 2027 reserve rule apply to deals happening now? Fannie Mae's 15% replacement reserve minimum applies to Full Review loan applications dated on or after January 4, 2027. The August 3, 2026 changes, including the end of Limited Review, are already in effect.
Which buildings does the new Connecticut disclosure statement cover? The statement advising buyers to request a resale certificate and a reserve fund report applies to units in common interest communities with more than 12 units. Smaller communities get different guidance, also effective October 1, 2026.
This post is general information, not legal, tax or financial advice. Lending rules and disclosure obligations apply differently from one deal to the next, so please confirm your own situation with a qualified attorney, lender or tax professional.
Whether you are listing a unit and want its reserve file ready before the first showing, or comparing a Stamford condo with a single-family home this season, The Agency Long Island can walk you through the numbers building by building. Contact Us.
